Pet Toys Global Market Report 2024

The pet toys market size has grown strongly in recent years. It will grow from $3.04 billion in 2023 to $3.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The expansion witnessed during the historical period can be attributed to several factors. These include the rising demand for private labels in the pet industry, the increasing popularity of pet subscription boxes, a growing interest in pet ownership among consumers, the rising adoption rates of pets, and an increasing preference for eco-friendly and sustainable pet toys among environmentally-conscious consumers.

The pet toys market size is expected to see strong growth in the next few years. It will grow to $4.42 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period is driven by several factors. These include the increasing demand among millennials and young children for pet-related products, the growing popularity of pet ownership leading to expanded product demand, a rising interest in pet subscription boxes, a growing focus on pet humanization, and the introduction of new and creative eco-friendly pet accessories and toys. Additionally, the increasing number of pet owners worldwide contributes to market growth.

The burgeoning trend of pet ownership is anticipated to drive significant growth within the pet toy market in the coming years. Pet ownership, characterized by the companionship and emotional support provided by domesticated animals, is on the rise due to shifting social norms, increased awareness of the benefits of pet companionship, and the influence of social media. Pet toys play a crucial role in keeping pets active and engaged, promoting physical fitness, and fostering a strong bond between pets and their owners. Data from the American Pet Products Association in 2023 revealed a substantial increase in U.S. households with pets, indicating a growing demand for pet-related products. Similarly, findings from a national survey by Animal Medicines Australia in November 2022 highlighted the prevalence of pet ownership in Australian households, particularly among dog owners, underscoring the significance of the pet toy market's expansion.

Key players in the pet toy market are focusing on developing innovative products, such as interactive smart pet toys, to cater to the evolving needs of pet owners and enhance market revenues. Interactive smart pet toys leverage technology to engage and entertain pets through various interactive features, promoting mental stimulation and physical activity. For instance, Shenzhen Skymee Technology Co., Ltd. introduced the SKYMEE Owl Robot in March 2021, equipped with a camera, treat dispenser, and communication capabilities to enable remote interaction between pet owners and their pets. This innovative pet toy enhances the pet ownership experience by allowing owners to monitor and engage with their pets remotely, even when they are away from home.

In September 2021, Platinum Equity LLC acquired Cosmic Pet, bolstering its position in the pet industry and creating a platform with a comprehensive range of pet products. This strategic acquisition has facilitated the integration of Cosmic Pet's diverse product portfolio, including toys, beds, collars, treats, and accessories, into a leading platform that caters to the needs of pet owners. By leveraging Cosmic Pet's expertise and scale, Platinum Equity LLC aims to accelerate growth and further enhance its offerings to meet the demands of pet enthusiasts.

Major companies operating in the pet toys market report are Petmate, Radio Systems Corporation, Multipet International Inc., Coastal Pet Products Inc., ChuckIt, The OurPet’s Co., Worldwise Inc., Company of Animals Ltd., Pet Qwerks Inc., Ethical Products Inc., ZippyPaws, Outward Hound, KONG Company, The Hartz Mountain Corporation, Jolly Pets, Benebone LLC, Honest Pet Products LLC, Mammoth Pet Products, West Paw, Petsport USA Inc., Fluff and Tuff Inc., Kyjen Company LLC, Starmark Academy.

North America was the largest region in the pet toys market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pet toys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pet toys market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Pet toys are specialized products crafted explicitly for pets to engage with and derive enjoyment from. These toys are meticulously designed to offer entertainment, mental stimulation, physical exercise, and dental health benefits for pets, thereby contributing significantly to their overall well-being and happiness.

The primary offerings in the pet toy market comprise plush toys, rope and tug toys, balls, chew toys, squeaky toys, and interactive toys. Plush toys are crafted from soft materials such as plush fabric, fashioned to mimic animals, characters from media, or other fanciful designs. Pet toys are fabricated from diverse materials such as rubber, cotton, nylon, plastic, and more. These products are distributed through various channels, both online and offline, catering to a range of applications including avian, feline, canine, equine, and other pet segments.

The pet toys market research report is one of a series of new reports that provides pet toys market statistics, including pet toys industry global market size, regional shares, competitors with a pet toys market share, detailed pet toys market segments, market trends and opportunities, and any further data you may need to thrive in the pet toys industry. This pet toys market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The pet toys market consists of sales of electronic toys, floating toys, catnip toys, feather wands, and retrieval toys. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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